i Profits and looses will be shared unequally i... - JAMB Accounting 2007 Question
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
A
i only
B
i, ii and iii
C
i, ii and iv
D
ii and iii
correct option: c
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